Crypto

Crypto Market Analysis

Crypto Market Analysis | 17 May 2024

Market Analysis

In the last 24 hours, the crypto market traded sideways and consolidated in a tight range despite the US Senate voting against the SEC accounting rule. However, President Joe Biden has suggested to veto the resolution.

Trading around $65.4k and $2.9k, BTC and ETH are down by 0.8% and 1.9% respectively. While the broader market is in the red, a clear outlier amid the leading cryptos is LINK (+13.6%). The Depository Trust and Clearing Corporation (DTCC) in the US, along with Chainlink and major US banks, completed a successful pilot to accelerate the tokenization of funds. This collaboration is a step toward adopting blockchain technology in the traditional asset management sector.

On the policy front, Turkey and India advanced crypto policies on May 16 that could create a framework for businesses and investors operating in these countries. Realizing that crypto cannot be governed by a single regulator, the Securities and Exchange Board of India (SEBI) has suggested that multiple regulators should oversee crypto trading in the country. The suggestion was submitted to a government panel responsible for advising the finance ministry on policy formulation.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

Share this:

IN THIS ARTICLE

Subscribe to our newsletter

Weekly crypto updates and insights delivered to your inbox.

Browse our Newsletter Archive for past editions.

SnowSnow

Thank you for subscribing!
Please verify your email to start receiving the latest issues from Switch in your Inbox.
Powered by

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play
Store or Apple App Store.

Build your crypto portfolio on the
CoinSwitch app today

Scan the QR code below or find us on Google Play Store or Apple App Store.